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OFFON

COINBASE GLOBAL, INC.

(COIN)
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Coinbase Global : Cathie Wood's ARK Invest teams up on a bitcoin ETF

06/29/2021 | 12:48pm EDT
FILE PHOTO: Illustration of Bitcoin

(This June 28 story corrects headline and paragraphs 1, 2 and 4 to make clear that 21Shares, not ARK, filed to offer the ETF and that ARK is providing marketing)

(Reuters) - Star stock picker Cathie Wood's ARK Invest is teaming up with 21Shares US LLC, which filed with the U.S. Securities and Exchange Commission on Monday to create a bitcoin exchange traded fund (ETF), the latest fund manager attempting to cash in on investors' growing interest in cryptocurrencies.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year, has been a vocal proponent of bitcoin, and Wood's firm will provide marketing for the proposed ETF, according to the filing.

Her flagship ARK Innovation fund owns around $820 million worth of shares in cryptocurrency exchange Coinbase Global, making it the fund's 10th largest holding. Coinbase has fallen 35% since its stock market debut in April.

21Shares' application to the SEC follows recent filings by Fidelity and CBOE Global Markets in March. The SEC has yet to approve a bitcoin ETF.

Bitcoin tumbled in recent days to a two-week low as China's expanding crackdown on bitcoin mining made investors more uncertain about the future of the leading cryptocurrency. Bitcoin on Monday traded at about $34,450, compared to its April peak of nearly $65,000.

(Reporting by Noel Randewich; Editing by Himani Sarkar)


© Reuters 2021
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Analyst Recommendations on COINBASE GLOBAL, INC.
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Financials (USD)
Sales 2021 6 913 M - -
Net income 2021 2 990 M - -
Net cash 2021 3 510 M - -
P/E ratio 2021 20,2x
Yield 2021 -
Capitalization 51 300 M 51 300 M -
EV / Sales 2021 6,91x
EV / Sales 2022 7,61x
Nbr of Employees 2 176
Free-Float 54,7%
Chart COINBASE GLOBAL, INC.
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Coinbase Global, Inc. Technical Analysis Chart | COIN | US19260Q1076 | MarketScreener
Technical analysis trends COINBASE GLOBAL, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 243,21 $
Average target price 335,53 $
Spread / Average Target 38,0%
EPS Revisions
Managers and Directors
Brian Armstrong Chief Executive Officer & Director
Alesia J. Haas Chief Financial Officer
Fred Ehrsam Director
Frederick R. Wilson Director
Kathryn Haun Director
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